Norwegian bitcoin exchange got its bank account shut down – revenue still increased by 1,000 percent

Norwegian bitcoin exchange got its bank account shut down – revenue still increased by 1,000 percent.

Image source: Shutterstock / Trijo News

Tim Haldorsson

tim.haldorsson@trijo.co

In Norway, Bitmynt has helped its customers to buy and sell bitcoin. During last year, the company increased its revenue despite the fact that they had their bank account shut down.

The Norwegian bitcoin exchange Bitmynt is run by Sturle Sunde and offers its customers to buy and sell bitcoin. In April this year, Trijo News reported that Sturle Sunde previously had his bank account at the bank Nordea shut down. Sunde then responded by suing Nordea, a process he lost.

However, despite the closed bank account, Bitmynt had a big increase in sales in 2017, Norwegian news site E24 reports.

Throughout 2016, the company had a revenue of NOK 705,199 (around $84,500). In the following year, sales totaled over NOK 8 million (around $958,000) – an increase of 1 043 percent.

Obliged to pay almost 400,000 Norwegian crowns

As Sturle Sunde lost his lawsuit against Nordea last spring, he was obliged to pay almost 400,000 Norwegian crowns for the trial costs.

After having gotten his bank account shut down, Bitmynt continued with another bank that Sturle Sunde has chosen to keep secret because he considers it to be a trade secret.

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